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TMI Blog2017 (8) TMI 1018X X X X Extracts X X X X X X X X Extracts X X X X ..... [Appellants in Company Appeal (AT) (Insolvency) No. 8 of 2017] initially preferred a petition under Section 433(e) of the Companies Act, 1956 before the Delhi High Court. The said petition was transferred pursuant to Rule 5 of the Companies (Transfer of Pending Proceedings) Rules, 2016 notified on 7th December, 2016 under sub-sections (1) and (2) of Section 434 of the Companies Act, 2013 read with sub-section (1) of Section 239 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'I&B Code'). 3. On 24th March, 2017, the Appellate Tribunal doubted the power of Central Government to frame rule under Section 239 of the I&B Code for the purpose of exercising power under Section 434 of the Companies Act, 2013 and refe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isfy the Learned Adjudicating Authority that they come within the meaning of 'Financial Creditor' or 'Operational Creditor'. The petition was accordingly, dismissed giving rise to the appeal. 6. It has not been disputed that "Rubina Chadha and Another" claimed to be the creditors of the respondent- AMR Instructure Ltd. and we were required to decide as to whether the impugned order passed by the learned Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi is proper or not? 7. In one of the two other appeals, Sajive Kanwar [Appellant in Company Appeal (AT) (Insolvency) No. 12 of 20171 claimed to be 'Financial Creditor'. However by the impugned order, the Learned Adjudicating Authority h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olvency) No. 07 of 2017 challenging the order passed by Learned Adjudicating Authority. This Appellate Tribunal, after considering the case of 'Nikhil Mehta and sons', held them to be the 'Financial Creditors' of AMR Infrastructure Ltd. ('Corporate Debtor') and by judgement dated 21.07.2017, passed the following order: "27. For the reasons aforesaid, we set aside the impugned judgement dated 23rd January 2017 passed by the learned Adjudicating Authority in C.P. No. (ISB)-03(PB)/201 7 and remit the matter to Adjudicating Authority to admit the application preferred by appellants and pass appropriate order, if the application under Section 7 of the 'I & B Code' is otherwise complete. In case it is found to be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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